StockMarketWire.com - Motoring services group Redde Northgate upgraded its annual profit guidance following a strong second-half sales performance.

Underlying pre-tax profit for the year through April was now expected to be 'moderately above' the top end of the current range of analyst estimates, and not less than £92 million.

Underlying revenue, excluding vehicle sales, had risen around 51% year-on-year, with total revenue including vehicle sales up 43%.

Redde Northgate said revenue was boosted by the inclusion of Redde since the merger in February last year.

'The second half of the year has delivered a strong set of results,' chief executive Martin Ward said.

'The demand for LCV [light commercial vehicle] rental and used LCV sales has seen an uplift in the second half and sets the business up well going into our new financial year.'

'Traffic volumes and resultant mobility and repair incidents continued to be suppressed throughout in the second half but early indications, post lockdown restrictions easing in early April, have shown a strong bounce back as daily routines in mobility resume.'


At 8:02am: [LON:REDD] Redde Northgate PLC share price was 0p at 222.5p



Story provided by StockMarketWire.com